Rangers have been told to relaunch in the fourth tier after collapsing under their debt pile, breaking the stranglehold they have had with city rivals Celtic on the Scottish game for decades.
They have been replaced in the Scottish Premier League by Dundee after the Glasgow side were demoted following their financial crisis.
The new Rangers needed membership of the Scottish FA to play any competitive matches in Scotland.
A Scottish Football League (SFL), SFA and Scottish Premier League statement on Friday read:
"We are pleased to confirm that agreement has been reached on all outstanding points relating to the transfer of the Scottish FA membership between Rangers FC (In Administration), and Sevco Scotland Ltd, who will be the new owners of The Rangers Football Club.
"A conditional membership will be issued to Sevco Scotland Ltd today, allowing Sunday's Ramsdens (League) Cup tie against Brechin City to go ahead.
"Following the completion of all legal documentation, the Scottish Premier League will conduct the formal transfer of the league share between RFC (IA) and Dundee FC on no later than Friday 3rd August 2012."
Rangers, who have won the Scottish title a record 54 times, went into administration in February before a takeover last month by a consortium led by English businessman Charles Green.
‘England have the players to win the World Cup – it’ll be tough for Thomas Tuchel to do a bad job, with the squad he has at his disposal’ Former Three Lions winger backs new boss after gentle qualifying draw
‘This is the hardest Manchester derby to call in years – Manchester United shouldn’t be petrified, it feels like Manchester City aren’t in control of any game at the moment’ Former Red Devils striker thinks a surprise result could be possible
